Andhra Bank to get capital from govt; no merger threat for now

Andhra Bank has almost got a new lease of life and there is no merger threat for the bank for now. The Government is set to grant a capital of about Rs. 200- 300 crore.The issue of mergers came up for discussion in the two-day bankers meet held in Pune last week and the view is that no bank is in a position to support another bank in view of the prevailing economic conditions, CVR Rajendran, Chairman and Managing Director of Andhra Bank, told BusinessLine here on Monday.This, in effect, gives a new lease of life for Andhra Bank, the only public...

Read more »

Bank Officers union plans strike on Jan 7

The National Organisation of Bank Officers (NOBO) today called a nationwide strike on January 7 demanding pay parity and revision for bank employees, a senior official said.National General Secretary of NOBO, S U Deshpandey today said that employees affiliated to NOBO were getting very low pay and emoluments as compared to the Central Government employees’ pay as per the sixth pay commission.Besides existing poor pay range, the benefits of pension to dependents after death of employees and other pension matters are still unresolved and disparity...

Read more »

Central Bank to raise Rs. 660 cr

State-run Central Bank of India is in the process of raising Rs. 660 crore through conversion of perpetual non-cumulative preference shares held by the government into equity shares.“We are converting our PNCPS into equity which will help us raise around Rs. 660 crore,” the bank’s Executive Director R K Goyal told PTI.He said the bank is waiting for some of the approvals and may raise it within a week’s time.PNCPS are non-equity instruments which do not qualify to be counted for Tier-l capital of the banks.The government has, in the past, infused...

Read more »